[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-301861-105":3,"detail-sidebar-cat-1-en-105":80,"doc-detail-301861-en":126},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":73,"head_meta":75,"extra_data":77,"updated_unix":79},105,"en","employee-benefits-corner-it-begins-with-the-first-set-of-proposed-regulations","Employee Benefits Corner - It Begins with the First Set of Proposed Regulations","","This article explains the IRS’s newly issued proposed regulations creating a framework for a new type of Individual Retirement Account (IRA) commonly referred to as a “Trump account.” It summarizes how accounts will be opened, key definitions, and operational mechanics of the Pilot Program that provides $1,000 in seed money for certain newborns, including timing, elections, trustee selection, and eligibility-related constraints. The discussion also flags implementation issues and points to future guidance on employer participation, Code Sec. 128 matching, ERISA considerations, and nondiscrimination rules.",{"@graph":14,"@context":72},[15,34,55],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/template/","Template",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/template/letters/","Letters",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/template/employee-benefits-corner-it-begins-with-the-first-set-of-proposed-regulations/301861/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/employee-benefits-corner-it-begins-with-the-first-set-of-proposed-regulations/301861.png","ImageObject",442,249,{"name":42,"@type":43},"Blaney","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-09-20","2026-09-19",true,{"@type":52,"interactionType":53,"userInteractionCount":22},"InteractionCounter",{"@type":54},"ViewAction",{"@type":56,"mainEntity":57},"FAQPage",[58,64,68],{"name":59,"@type":60,"acceptedAnswer":61},"What is the purpose of the IRS proposed regulations discussed in the document?","Question",{"text":62,"@type":63},"They set the framework for a new IRA type (“Trump account”) and describe how the Pilot Program works, including the mechanics of opening the account and obtaining the $1,000 government contribution for certain newborns.","Answer",{"name":65,"@type":60,"acceptedAnswer":66},"How does an Authorized Individual open an initial Trump account?",{"text":67,"@type":63},"An election must be made via Form 4547 or through the IRS website, and the initial election processed by the IRS results in the account being opened; afterward, no further elections are allowed. The trustee then notifies the authorized individual to complete setup.",{"name":69,"@type":60,"acceptedAnswer":70},"What are the key rules for account eligibility and enrollment timing?",{"text":71,"@type":63},"The election to open an initial Trump account must be made on or before December 31 of the year the Eligible Individual attains age 17. Automatic enrollment does not apply, because an affirmative election by an individual is required.","https://schema.org",{"og:url":32,"og:type":74,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":76,"canonical":32},"index,follow",{"doc_id":78,"site_id":7},301861,1789785898,{"code":4,"msg":81,"data":82},"success",[83,88,93,98,103,108,113,117,122],{"id":84,"doc_module":22,"doc_module_name":25,"category_name":85,"show_sort_weight":86,"slug":87},11,"Presentations",90,"presentations",{"id":89,"doc_module":22,"doc_module_name":25,"category_name":90,"show_sort_weight":91,"slug":92},12,"Resumes",80,"resumes",{"id":94,"doc_module":22,"doc_module_name":25,"category_name":95,"show_sort_weight":96,"slug":97},14,"Invoices",70,"invoices",{"id":99,"doc_module":22,"doc_module_name":25,"category_name":100,"show_sort_weight":101,"slug":102},15,"Posters",60,"posters",{"id":104,"doc_module":22,"doc_module_name":25,"category_name":105,"show_sort_weight":106,"slug":107},16,"Social Media",50,"social-media",{"id":109,"doc_module":22,"doc_module_name":25,"category_name":110,"show_sort_weight":111,"slug":112},17,"Forms",40,"forms",{"id":114,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":115,"slug":116},18,30,"letters",{"id":118,"doc_module":22,"doc_module_name":25,"category_name":119,"show_sort_weight":120,"slug":121},21,"Paper Templates",5,"papers-templates",{"id":123,"doc_module":22,"doc_module_name":25,"category_name":124,"show_sort_weight":4,"slug":125},158,"General","general-158",{"code":4,"msg":81,"data":127},{"doc_id":78,"user_id":128,"nickname":42,"user_avatar":129,"doc_module":22,"category_id":114,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":22,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":33,"language":135,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":12,"update_tm":79,"read_time":26},1236954677761,"https://us-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","ELIZABETH THOMAS DOLD is a Principal at Groom Law Group, Chartered in Washington, DC. DAVID N. LEVINE is a Principal at Groom Law Group, Chartered in Washington, DC.  \nEmployee Benefits Corner Trump Accounts—It Begins with the First Set of Proposed Regulations  \nBy Elizabeth Thomas Dold and David N. Levine  \nThe Internal Revenue Service (“IRS”) issued two proposed regulations to set the  \nframework for this new type of Individual Retirement Account (IRA) and to detail the workings ofthe Pilot Program that provides $1,000 seed money for these accounts for certain newborns. The regulations are focused on setting up the accounts, and defining some key terms, as these accounts are set to go live on July 4, 2026. These regulations are largely consistent with the legal framework and design layout that was described in Notice 2025-68, but the array of implementation issues flagged in the Notice is still being considered andwill be addressed in future regulations. A look at what the proposed regulations addressed is summarized below, and employers looking forward to implementing a 128 Program to help fund these accounts should stay tuned for future guidance that we anticipate will address how to fund the accounts, address the Employee Retirement Income Security Act of 1974 (ERISA) concerns, and the applicability of nondiscrimination requirements. Trump accounts go live July 4th, and as with any new program, there area number of important issues to be addressed on these new IRA accounts forchildren, particularly following the issuance of Notice 2025-68 and the lengthy comments thereon. The IRS has provided its initial proposed regulations that  \nare focused on the mechanics of opening an account and obtaining the $1,000 government contribution. These rules are summarized below, which largely track the rules set forth in Notice 2025-68 .  \nNotably, these rules are designed to get the initial Trump accounts and the Pilot Program established. Pending regulations will be issued to help employers with the Code Sec. 128 Program that will allow employers to match the pilot contributions (and more) for their employees, and provide details on the special rules that apply to these accounts—which include special contributions, distribution, investment, and reporting rules.  \nTrump Accounts—General Requirements (Code Sec. 530A, Proposed Reg. §1.530A-1)  \nThe proposed regulations on the Trump accounts focus on opening the initial Trump account and providing important definitions, which are anticipated to affect 73 million children in 44 million families.  \n© 2026 CCH INCORPORATED AND ITS AFFILIATES. ALL RIGHTS RESERVED. 13  \nTAXES THE TAX MAGAZINE®  \nHow Is a Trump Account Opened?  \nAn election to open a Trump account must be made via Form 4547 or through the IRS website. The election can be made at the same time as filing an income tax return, but it is not part of the tax return and is independent of such filing. The first election to open an initial Trump account processed by the IRS will result in the account being opened, and no further elections will be allowed tobe made by any party. Once this first step is complete, the selected trustee will notify the authorized individual to complete the account setup process.  \nTrump accounts go live July 4th, and as with any new program, there are a number of important issues to be addressed on these new IRA accounts for children, particularly following the issuance of Notice 2025-68 and the lengthy comments thereon.  \nCurrently, through this website—form.trumpaccounts. gov/—an Authorized Individual can submit information through the Form 4547 Data Submission Portal. The information to complete this process is designed to be easy, with only needing contact information (including email), social security numbers (SSNs), and dates of birth for the child and the parent/guardian or other authorized individual, to be electronically signed under penalty of perjury. The website indicates that upon submission, t","cbCaiekyf67Dt2Ei","https://ap.wps.com/l/cbCaiekyf67Dt2Ei","pdf",90401,"English","# Employee Benefits Corner\n## Trump Accounts—General Requirements (Code Sec. 530A, Proposed Reg. §1.530A-1)\n## How Is a Trump Account Opened?\n## Who is the Initial Trustee of the Trump Accounts?\n## When Can a Trump Account Be Opened?\n## Does Automatic Enrollment Apply to Trump Accounts?\n## Type of IRA to Be Established?\n## Can I Have Multiple Trump Accounts?","[{\"question\":\"What is the purpose of the IRS proposed regulations discussed in the document?\",\"answer\":\"They set the framework for a new IRA type (“Trump account”) and describe how the Pilot Program works, including the mechanics of opening the account and obtaining the $1,000 government contribution for certain newborns.\"},{\"question\":\"How does an Authorized Individual open an initial Trump account?\",\"answer\":\"An election must be made via Form 4547 or through the IRS website, and the initial election processed by the IRS results in the account being opened; afterward, no further elections are allowed. The trustee then notifies the authorized individual to complete setup.\"},{\"question\":\"What are the key rules for account eligibility and enrollment timing?\",\"answer\":\"The election to open an initial Trump account must be made on or before December 31 of the year the Eligible Individual attains age 17. Automatic enrollment does not apply, because an affirmative election by an individual is required.\"}]","Employee Benefits Corner - It Begins with the First Set of Proposed Regulations | PDF"]